The market continues to bleed profusely as investors are pulling out from equities. The Sensex loses 756.23 points or 3.90 percent at 18611.36, and the Nifty is down 233.40 points or 4.06 percent at 5508.90. About 658 shares have advanced, 1540 shares declined, and 131 shares are unchanged. BHEL has extended loss to 10 percent, while GAIL , Strelite , ONGC and HDFC are other major losers in the Sensex. Meanwhile, Hero MotoCorp remain only gainer in the Sensex. Index heavyweight and cigarette major ITC fell 4.04% to Rs 321.05. Reliance Industries dropped 4.29% to Rs 828. Shares of state-run banking giant SBI lost 2.78% to Rs 1,580.

Nifty future made the high of 5919.90 during the week but was unable to sustain at higher level and surged to lower level on last trading session of the week and closed at 5508 down by 81.70 points from the previous week's close. The market breadth, indicating the overall health of the market, was weak. Technically, it is having immediate support at the mark of 5480 with the breach of which it is poised to fall further in the upcoming session and may touch 5300. For nifty future 5480 is the deciding level, if it breaches this level and sustain below it then free fall can be seen in the nifty, else it can also took support of this level and can bounce from here as it has done in last week.

For upside, major resistance is at the level of 5800 and 5850.

Stocks to watch on:

VIJAYA BANK FUTURES: Technically, the stock is trading with the negative sentiment and is poised to be bearish further in the forthcoming session. It is currently sustaining below its 50 and 200 DMA on long term charts and having support at the level of 36 with the breach of which further selling is expected in the near term. One may go for short position in the stock below the level of 36 for a target of 34.50 and a strict stop loss of 37.50.

ACC FUTURES: Technically the stock is looking weak on charts consolidating with the negative bias and is having major support at the level of 1147 with the breach of the stock prices are likely to fall in the forthcoming session. We recommend that the traders can go for a short position in the scrip below the mark of 1147 for a target of 1114 and stop loss at 1180.